Blackboxstocks Inc. Faces Nasdaq Compliance Issues Following Director’s Passing

Blackboxstocks Inc. (NASDAQ: BLBX) recently disclosed two non-compliance issues with Nasdaq’s listing requirements in a Form 8-K filing dated January 7, 2025. The first concern pertains to the annual meeting requirement under Nasdaq Listing Rule 5620(a), which stipulates that companies must hold an annual meeting of stockholders within one year of the end of each fiscal year. Blackboxstocks failed to meet this obligation by not convening its 2024 Annual Meeting by the December 31, 2024 deadline as mandated.

The Company has rescheduled the 2024 Annual Meeting for February 7, 2025, setting a new date to address this deficiency.

Furthermore, another issue emerged following the unexpected passing of Director Ray Balestri on January 4, 2025. Mr. Balestri, who also served on Blackboxstocks’ Audit Committee, Compensation Committee, and Nominating and Governance Committee, played a vital role within the company’s governance structure, particularly concerning independent director composition and audit committee membership.

As per Nasdaq Listing Rule 5605, a majority of a listed company’s board members must consist of Independent Directors. With Mr. Balestri’s demise, the current board is now comprised of only four members, with only two qualifying as Independent Directors in accordance with Nasdaq rules. Additionally, the Audit Committee, which must have at least three members meeting specific independence criteria, is currently undersized following Mr. Balestri’s passing.

Blackboxstocks Inc. is actively exploring potential strategies to rectify these deficiencies and regain compliance with Nasdaq’s listing standards within the provided cure period.

Please note that the information provided is based on the Company’s official filing with the Securities and Exchange Commission.

The Form 8-K filing was signed by Gust Kepler, President and Chief Executive Officer of Blackboxstocks Inc., on January 7, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Blackboxstocks’s 8K filing here.

About Blackboxstocks

Blackboxstocks Inc develops and markets financial technology and social media hybrid platform. The company offers Blackbox System, a subscription-based software as a service that provides real-time proprietary analytics and news for stock and options traders. Blackboxstocks Inc is headquartered in Dallas, Texas.